Overview

• Judge Eileen Roberts of Ireland’s Commercial Court ruled there are no executable Argentine assets in Ireland and dismissed the petition to enforce the New York judgment
• It is the first overseas court to refuse recognition of the 2023 SDNY award, setting a precedent favorable to Argentina
• The U.S. Court of Appeals for the Second Circuit has stayed the turnover order for 51% of YPF shares and scheduled Argentina’s appellate brief for September 25 with oral arguments in the week of October 27
• Holdout creditors Burford Capital, Eton Park and Petersen funds are pursuing similar enforcement actions in jurisdictions including the UK, France, Wales, Luxembourg, Australia, Canada and Cyprus
• Argentina’s Treasury praised the decision as confirmation of its sovereign-immunity defense and protection of strategic assets even as interest on the judgment accrues at roughly $2 million per day